The course of Bitcoin dropped overnight into Saturday trading to slightly over $59,000 or approximately €51,500, marking its lowest point since October 2024. Market analyst Timo Emden described it as a “trading week of horror” for investors. This sell-off is being driven by a combination of macroeconomic uncertainty, significant institutional fund outflows, and standard profit-taking pressure, while capital increasingly rotates toward other emerging narratives of the future.
Downward selling pressure is expected to persist at least until the planned Initial Public Offering (IPO) of aerospace company SpaceX, as investors interested in Bitcoin are likely also monitoring Elon Musk’s enterprise. Compounding these factors is a recent sale of Bitcoin by Strategy. This transaction intensified speculation about potential large-scale sales from other market players and reinforced the overall readiness for profit-taking among traders.
The situation is becoming increasingly uncomfortable for the Trump administration, given that mid-last year, Bitcoin was recognized as one of the most visible winners during Washington’s political shifts. The strong possibility of crypto-friendly regulatory policies had provided investors with renewed confidence. However, those hopes are now being overshadowed by ETF outflows, aggressive profit-taking, and escalating competition for venture capital investment.
Emden noted that “the expectation that a pro-crypto government automatically leads to rising prices is receiving another significant setback.” This current weakness reportedly masks a structural identity crisis within Bitcoin, one that has been ongoing in recent months.
